MyTownCryer

Apparently, WordPress keeps track. I’ve posted here more than once that the last “12 Years” of blogging has been…??? Anyway, I started this so many years ago because I wanted to create a record of Tom’s World. MyTownCryer is in no way a track of my life over the last 16 years, but it is a track of some events in my life, the Denver Real Estate around me, and the internal, external things following a Realtor through life. So, Happy Anniversary Mr. Cryer!

Let’s take a quick look at this week’s numbers for single-family residential properties in Denver’s MLS system.

Let’s turnover now to the number of Total Active Listings and see how supply is doing.

We are clearly “rounding” the topline here. With 11,490 Total Active Listings today, we may have reached our peak. We have more than 450 expired listings this week, reflecting the mood of the market. Sellers are giving up because they can’t get their list price.

As we drift into this buyer’s market and away from our long-standing seller’s market, we have to understand, what goes up will eventually come down.

In the meantime, join me each and almost every week, as I explore the life of a Realtor, the Denver Single-Family Market, and what goes on behind the scenes. Let’s touch base via TheCryerTeam@Kentwood.com or 303-773-3399. “Failure to plan is a plan for failure.”

International, National, State, and Local obstacles confront the homebuyer and home-seller. We are here to help sort some of this. We have some urban markets with almost no inventory, and rural markets with a similar front, and visa versa. Overall, we have more inventory than a healthy market should have. Deciphering these realities is difficult. We have employed Absorption Rates for many years, to help us with our projections. This is still a solid approach. This can also help you.

Let’s look at this week’s numbers!

Total Active Listing has dropped from the two previous weeks. New Listings have slowed. We may be approaching our fall market sooner than would normally occur, or we may be in a temporary swing toward balance. Time will tell us the truth!

The Total Number of Active single-family homes in the Denver Metro Market came down this week. At 11,152, this is well below the previous two weeks. After a few weeks of this, we might start to see an improved balance at these current interest rates. I’d like to see this trend continue!

The headwinds facing us in this market are strong. There is no real relief in rates in the immediate future. Although the metro area continues to support strong job numbers, income has not kept up with current interest rates, which has adversely affected affordability.

We are here to decipher this market. In our practice, we are fortunate to have urban, suburban, and rural clients. This gives us a perspective few enjoy. Along the way, we try to provide our clients with the most support. Asking questions, listening to answers, and ultimately projecting our experience into their buying and selling transactions.

Give us a call, let’s create a plan. Failure to plan is a plan for failure. You can always email us at TheCryerTeam@Kentwood.com or the office at 303-773-3399.

Was a TV Soap Opera running for almost 55 years. 1956 to 2010 according to Grok. Many of those years were black and white TV. The original leading men and women never saw the last episode.

My home is 32 years old. It has all the patina one would expect from three children, five grandchildren, and too many dogs. On the one hand, social norms these days would dictate a thorough remodel. But, would you repaint the laundry room door with the recorded growth history of nearly everyone!

It took around 124 years to create St. Peter’s Basilica in Vatican City. Generations of stone masons from the same family contributed to its completion.

Construction is apart of how the world turns, and The Days of Our Lives. Now figure that one out!

This week in Denver’s MLS looked like this:

Now, let’s turn to our Total Active Listings Count for this week.

With less than a 100 Total Active Listing gain to 11,792, the Denver Market is giving us an indication that inventory is not piling on as much as last month and earlier this month. We need 4 or 5 weeks of this action before we can call it a peak with decline, and that’s what we are hoping for.

In the meantime, we have enjoyed a great year so far. Buyers and Sellers relocating, moving up, moving laterally, and of course, first time buyers are managing the process of becoming homeowners inspire of all the headwinds. Please, give us a call, we are here for you. Let’s make a plan!

TheCryerTeam@Kentwood.com

“Absolutely Nothing!! I’ve been preparing this blog for so long, I’ve used this title more than once. From slings and arrows to unmanned drones. War is still with us.

On the flipside of this is “Life goes on…” People by bonds, stocks, gold, bitcoin, and houses! Believe it or not, people still buy houses. We are seeing buyers respond in this marketplace to value, not price. Meaning, if a buyer or multiple buyers can identify value at a given price, it is a race to the finish line. Priced too high, however, buyers are passing your listing right on by.

Let’s see what happened in the Denver market over the last 7 days.

Overall, not a bad week, but it is a week that will add to our total inventory, because it was not good enough. Take a look below.

With a Total Active Listing Count of 10,825 Single Family Residences, this market has hit its inflection point. At 9.6 weeks of inventory, we are clearly into a Buyer’s Market. Buyers have started dictating to Sellers which inspection items will be corrected or credited. Buyers are getting paid for Post Closing Occupancy. Buyers are getting the Home Warranty. Sellers are bowing down to Buyers’ requests.

I have to put this into perspective. If we average 1,120 Closings like this week for 52 weeks, that is 58,240 Single Family Homes closing on an annual basis, and this does not include many builder transactions, so let’s say over 60,000 transactions. This is a big thriving market, but prices are no longer appreciating. If you read that Average Prices went up 4%, remember with less inventory in the low end of the market one multimillion dollar home skews that average. So, let’s keep our heads about ourselves and remember, the Denver Metropolitan Statistical Area is still a thriving market. We have one of the most important international airports in the world, not just the USA. Denver is the gateway to the Rocky Mountains and 4 National Parks. The metro area has somewhere north of 3.25M residents that support 4 Major League Teams all year long, even in spite of the Rockies record breaking losing record. Denver is the magnet for Montana, Wyoming, Utah, New Mexico, Arizona, Kansas and Texas. Just walk through the parking lot at Red Rocks on your way to be seated, you’ll see license plates from all of these states. So, the point is, be smart with your buy, prepare for your sell, and always call us!

TheCryerTeam@Kentwood.com